The Securities and Exchange Commission (SEC) has given Aboitiz Power Corporation the go-signal to offer fixed-rate bonds worth up to Php30 billion.
The quasi-judicial agency said that the company may issue the bonds in one or more series within three years.
AboitizPower, the country’s largest power generator, said in December last year that it plans to offer up to Php4 billion within the first quarter of this year. The proceeds from the first tranche of the bonds, which would mature in 2026, will be used for refinancing of corporate debts and other corporate purposes.
Assuming that it fully exercises the oversubscription option of up to another Php4 billion, AboitizPower expects to net Php7.9 billion from the first tranche.
AboitizPower plans to list the fixed-rate bonds for trading on the Philippine Dealing & Exchange Corporation.